- 10 May, 2017
The day of cash is in the past, and credit cards are now king. Almost all of your customers will carry a debit or credit card, but only some of them will have enough cash for the purchase. If you want to grow your business, it’s time you set up credit card processing to accept digital payments.
Not sure which credit card processing solutions are the best for you? Here’s what you need to know:
Online Processing System – If all your business is done via a website, there’s no need for a physical credit card processing system. You can set up an online processing system to handle all your web-based orders easily. However, be warned: the private information of your clients is stored in a database that is easily hackable if you don’t have proper security measures. You’ll need to beef up security A LOT more than you would with an offline processing system.
Mobile Terminals – For those who want versatility, the mobile terminal is a good option. It’s connected to your credit card processing software via a wireless network, so you can move it around your shop or restaurant and accept payments at tables, for example. If your business is outside or moves around a lot (like a farmer’s market stand or food truck), this is a good option to consider thanks to its portability.
Wired Terminals – If you’re looking for reliability, nothing beats a wired terminal. The terminal stays by your cash register, where it’s connected to your landline/Ethernet cable for a faster link to the credit card processing software. It’s the most reliable solution, if not the most versatile. You won’t be able to move the terminal, so all payments HAVE to be processed in the same place. However, the good news is that a lot of credit card processing solutions providers will give you a free terminal when you sign up.
Point-of-Sale Processing – This is essentially a cloud-based payment processing system that allows you to accept payments anywhere and at any time, provided you have internet access. The POS system is usually installed on a smartphone or tablet, and it’s connected via the internet to the software and system. The POS system also comes with a credit card reader that will access the data on the card, input it into the system, and process the transaction. The downside of a cloud-based solution is that it can be problematic if your internet connection isn’t reliable. Unless you find a vendor that provides offline solutions, you may end up paying a small fortune in data plans.
Each of these credit card processing solutions has its pros and cons. It’s up to you to determine which is best for your type of business and products and find the vendor to provide you the services you need!